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World Bank chief supports UK idea on IMF gold
9/30/2004 --11:02am - By Greg Robb
WASHINGTON (CBS.MW) -- James Wolfensohn, the head of the World Bank, threw his support Thursday behind a British government proposal to revalue IMF gold to help cancel the debt of the world's poorest countries. Wolfensohn told a press conference that he "whole-heartedly" supports the idea, first floated by Gordon Brown, Great Britain's chancellor of the exchequer, over the weekend. The IMF currently holds 103.4 million ounces of gold, valued on its books at $8.5 billion. At the end of August, the gold was worth $42.2 billion at market prices, the IMF said.